Global News

Indian investigators arrest top auditor in bank fraud case

Indian investigators arrest top auditor in bank fraud case

Modi has been accused, along with his partner Mehul Choksi, of defrauding the Punjab National Bank of Rs 12,600 crore (Rs126 billion), with Rs 1,300 being added to the fraud kitty on Monday night. Presently the company has listed the total worth of its assets in the range of of $50 million to $100 million.

The Congress on Tuesday urged Prime Minister Narendra Modi to break his silence on the irregularities in the banks that is rocking the country with scams amounting to Rs.31,691 crore exposed during the last ten days.

The Central Bureau of Investigation on Wednesday arrested an internal chief auditor of Punjab National Bank in connection with the fraudulent transactions case, involving an amount close to $2 billion.

The company has pegged its assets and liabilities in the range of $50 million to $100 million, and numbered its creditors between 50 to 99, in its bankruptcy application before a court based in the Southern District of NY.

But, the man at the centre of the multi-crore fraud had once cherished a musical dream.




Firestar Diamond and its affiliates had annual sales of around $90 million, with clients such as Costco Wholesale, Macy's and JC Penney Co Inc., it said. Modi has been shown as "inventor" in details filed against his company registered at 5th Avenue in NY. Sunil Mehta, chief executive officer and MD, had at a press conference said that the scam was a one-off fraud and there was no such incident at other branches. These letters were used to facilitate Rs280.7 crore of fraud by the duo. Investigators have also seized a number of properties from the two, including jewellery and luxury cars.

In the evening, a statement from ICICI said it was a lender of working capital to the Gitanjali group of companies along with several other banks in the consortium.

In filings earlier this month, PNB said it stumbled upon the scam on January 25, 2018, and a fraud report was filed with the Reserve Bank of India on January 29.

The CBI and ED have registered separate cases against Nirav and Choksi and investigations are on.


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